Crusoe

Crusoe is an American AI infrastructure company headquartered in Denver, Colorado, that develops and operates data centers for artificial intelligence workloads, rents GPU capacity through its Crusoe Cloud service, and manufactures electrical equipment and modular data centers. Chase Lochmiller and Cully Cavness founded it in 2018 as Crusoe Energy Systems to capture natural gas that oil producers would otherwise flare and burn it in generators that powered bitcoin mining at the wellsite.^[1][2] The company moved into AI cloud computing and large data center construction in 2023 and 2024, consolidated its businesses under the single brand Crusoe, and in March 2025 agreed to sell its bitcoin mining operation to NYDIG.^[3][4] It is the developer of the flagship Stargate Project campus in Abilene, Texas, a 1.2-gigawatt site leased to Oracle to serve OpenAI, and of a 900-megawatt campus beside it for Microsoft.^[5][6] In September 2026 Crusoe announced the initial closing of a $3.9 billion Series F round at a $30.9 billion post-money valuation, about three times the "above $10 billion" valuation of its Series E less than a year earlier.^[7][8]

Crusoe describes itself as a vertically integrated company with four lines of business: sourcing energy, building and operating large "AI factory" campuses for hyperscale customers, renting compute through Crusoe Cloud, and manufacturing, through its Crusoe Industries division and a factory for its Crusoe Spark modular data centers.^[1][9] It is often grouped with GPU-focused "neocloud" providers such as CoreWeave, but unlike CoreWeave it builds its own data centers rather than leasing them.^[10] In its Series F announcement the company reported more than $140 billion in total contracted value, more than 6 gigawatts of gross contracted capacity across data centers and cloud, about 1 gigawatt of gross capacity delivered and operating, and a workforce of more than 1,800 people in five countries.^[7] Lochmiller has described the business as "activating energy for intelligence."^[8] As of October 2026 Crusoe remained privately held; Axios reported in August 2026 that it was in initial public offering talks with Bank of America, Goldman Sachs, Morgan Stanley and JPMorgan.^[11]

Company overview

From Crusoe Energy Systems to Crusoe

Crusoe is named after the title character of Daniel Defoe's novel Robinson Crusoe, a castaway who survives by making use of whatever he finds on an abandoned island; the name alludes to the company's original business of putting "stranded" energy to work.^[1] The founders first called their remote computing sites "Island Clouds" before renaming the service Crusoe Cloud.^[15]

The company's legal names have changed several times. It was incorporated in Delaware in 2018 as Crusoe Energy Systems Inc., the issuer named in Securities and Exchange Commission filings for its 2019 seed and Series A rounds.^[13][16] Its April 2021 Series B and April 2022 Series C announcements were made in the name of Crusoe Technologies Inc.^[2][17] Later fundraising notices were filed by a Delaware holding company incorporated in 2022 as Crusoe Energy Holdings Inc.; by November 2024 that company was filing as Crusoe Inc., with Crusoe Energy Holdings Inc. listed as its previous name.^[12]

The public brand changed first. By late November 2023 the company's website was at crusoe.ai under the single name Crusoe, with the energy business, Crusoe Cloud and Crusoe Industries presented together, although the copyright line still read "Crusoe Energy Systems LLC."^[3] That line was still in use in November 2025, and by early 2026 it read "Crusoe, Inc."^[18][19] News coverage kept using the old name for some time: CNBC's March 2025 report on the bitcoin divestiture still called the company "Crusoe Energy" in its headline.^[20] In its own announcements from 2025 onward the company calls itself "the AI factory company."^[8]

History

How was Crusoe founded? (2018)

Lochmiller and Cavness are Denver natives who met at a prep school and stayed friends after Lochmiller went to MIT and Cavness to Middlebury College.^[21] Lochmiller later worked as a quantitative trader and spent long stretches mountaineering. His first attempt on Mount Everest, in 2014, ended after an avalanche near the Khumbu Icefall, and he reached the summit on a second attempt in 2018.^[15] After returning to Colorado he reconnected with Cavness, whose family had been in the oil and gas business for three generations, and their conversations on hikes up the state's 14,000-foot peaks kept coming back to gas flaring.^[15][21] TechCrunch dated the start of what became Crusoe to a 2018 climbing trip in the Rockies.^[21]

Oil wells in shale basins produce natural gas along with crude. Where no pipeline can take the gas away, operators have often flared it, burning it off at the well site. Flaring wastes the fuel and releases carbon dioxide, along with any methane that escapes unburned. The founders' plan was to bring generators and containerized data centers to the well pad, buy the gas that would otherwise be flared at below-market prices, and turn it into electricity for computing on site, with no need for a connection to the power grid.^[22][23] They founded Crusoe Energy Systems in Denver in 2018.^[1][13]

What is Digital Flare Mitigation?

Crusoe's first product was its patented Digital Flare Mitigation (DFM) system.^[2] A DFM deployment placed gas-fired generators and mobile, modular data centers on an oil well pad. Gas that would have been flared fed reciprocating engines, and the electricity powered computers housed in trailer-sized modules on the same site. Crusoe used INNIO Waukesha gensets, including the VHP9504GSI Series Five, and by September 2020 it had deployed more than 30 DFM modules.^[24]

The environmental case rested on combustion efficiency. Crusoe cited a University of Michigan-led study published in Science, based on surveys of more than 300 U.S. flares, which put the average combustion efficiency of flares at about 91.1%, so that roughly 9% of the methane passes through unburned.^[22] Over 20 years, methane is about 80 times more potent at warming than carbon dioxide.^[25] Crusoe said its systems, using what it called stoichiometric combustion, reached a combustion efficiency of 99.9%, cutting methane emissions by about 99% and carbon dioxide equivalent emissions by up to 68.6% compared with continued flaring.^[22] Its 2021 Series B announcement had given a figure of up to 63% for the same comparison.^[2]

When it agreed to sell the business in March 2025, Crusoe said DFM had kept nearly 22 billion cubic feet of natural gas from being flared and had mitigated 2.7 million metric tons of greenhouse gas emissions since its launch about seven years earlier, which it compared with taking nearly 630,000 cars off the road for a year.^[4] Contrary Research estimated that the systems generated about 2.5 terawatt-hours of electricity between 2018 and 2025.^[1]

Most of that electricity went to bitcoin mining, which suited remote and intermittent power: mining needs no low-latency network connection and can stop and restart as the gas supply changes. Lochmiller called bitcoin mining "the best buyer of last resort" for stranded energy.^[27] In April 2021 about 80% of the company's operations were used for bitcoin mining, and the rest served early computing customers in a private alpha.^[21]

Crusoe's DFM customers included Devon Energy, Kraken Oil & Gas and Enerplus, and it had earlier operated DFM equipment for Equinor.^[2] ExxonMobil began a pilot with Crusoe in North Dakota's Bakken in late January 2021, sending gas that would have been flared to generators that powered shipping containers full of bitcoin miners, and expanded it that July.^[28] In August 2023 Crusoe agreed to bring 6 million cubic feet per day of DFM capacity to XCL Resources' wells in Utah's Uinta Basin, projecting a reduction of up to 273,000 tons a year in carbon dioxide equivalent emissions.^[29] Its modular units were built with Easter-Owens Electric Co., a third-generation family business in the Denver area that made modular data centers and specialized electrical systems and had been a major Crusoe supplier since 2020.^[30]

Early funding rounds (2019 to 2022)

Crusoe raised a $4.5 million seed round, with the first sale recorded on March 1, 2019; Bain Capital Ventures co-led the round with Founders Fund.^[13][15] In December 2019 it raised a Series A of about $30 million in equity, led by existing investor Bain Capital Ventures and new investor KCK Group, with Founders Fund, Winklevoss Capital and Polychain Capital participating, together with $40 million of project financing led by the credit fund Upper90.^[16][26] At that point Crusoe had flare mitigation projects in Wyoming's Powder River Basin, Colorado's Denver-Julesburg Basin and the Bakken in North Dakota and Montana.^[26]

In April 2021 Crusoe closed a $128 million Series B led by Valor Equity Partners. Lowercarbon Capital, DRW Venture Capital, Founders Fund, Bain Capital Ventures, Coinbase Ventures, Polychain Capital, KCK Group, Upper90, Winklevoss Capital, Exor, Zigg Capital and JB Straubel, the Tesla co-founder who went on to found Redwood Materials, also invested, and Upper90 provided a separate $40 million project financing facility.^[2] The company then operated 40 modular data centers in North Dakota, Montana, Wyoming and Colorado and aimed to pass 100 units within a year, with Texas and New Mexico among its next markets.^[2][21]

A $350 million Series C followed in April 2022, led by the climate technology investor G2 Venture Partners, with Valor Equity Partners, Lowercarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, Mitsui & Co. and Robert Downey Jr.'s FootPrint Coalition Ventures among the participants. With credit facilities expandable to $155 million from SVB Capital, Sparkfund and Generate Capital, the new capital totaled $505 million.^[17][31] The Denver Business Journal reported that the round valued Crusoe at $1.75 billion.^[32] The company said it would use the money to expand DFM in the United States and abroad and to speed up the launch of Crusoe Cloud. At the time it operated 86 DFM data centers, said its fleet had prevented an estimated 2.5 billion cubic feet of flaring, and expected to grow from 157 employees to more than 250 by the end of 2022.^[17]

In June 2022 Crusoe acquired Easter-Owens, bringing data center design and manufacturing in house. About 70 Easter-Owens employees joined Crusoe's staff of about 172, and the deal included leased facilities of 87,322 square feet: two manufacturing buildings and a smaller storage building.^[30] The acquisition gave Crusoe direct control over the manufacturing of electrical enclosures, switchgear and modular data center units, reducing its dependence on outside suppliers, and the division was later rebranded as Crusoe Industries.^[1]

Why did Crusoe pivot to AI cloud infrastructure? (2023)

By 2022 and early 2023 Crusoe ran a large DFM fleet across several oil basins, most of it mining bitcoin. Its interest in other kinds of computing went back further. A private alpha of its cloud service in 2021 served users including MIT's Computer Science and Artificial Intelligence Laboratory, Folding@home and OpenCV, and the 2022 Series C was raised partly to launch Crusoe Cloud.^[2][17] "We'd actually been building this AI business since the start of the company," Lochmiller told CNBC in 2025.^[20]

Demand for AI computing rose sharply after OpenAI released ChatGPT in late 2022, and demand for NVIDIA H100 GPUs outstripped supply. Crusoe extended Crusoe Cloud from bitcoin mining to high-performance computing and AI workloads.^[33] In October 2023 it said it had chosen HPE Cray XD supercomputers with NVIDIA H100 Tensor Core GPUs and NVIDIA Quantum-2 InfiniBand networking to build out Crusoe Cloud for generative AI training and tuning, and that it would add NVIDIA L40S GPUs for inference, graphics and scientific computing.^[34][35] The same month Upper90 made an initial $200 million commitment of asset-backed debt for Crusoe to buy GPUs, with new H100 and NVIDIA A100 capacity due to reach customers in the first quarter of 2024.^[36]

Crusoe also began to move cloud capacity out of the oilfield. Its European expansion started in December 2023, when it placed GPUs in atNorth's ICE02 data center in Iceland.^[37][38] By mid-2024 the company reported about 200 megawatts of deployed capacity, with roughly a third of Crusoe Cloud running at flare-gas sites and the rest in third-party data centers.^[38] In March 2024 Crusoe said it would offer instances based on NVIDIA Blackwell GPUs, and in July 2024 it completed a SOC 2 Type II attestation for Crusoe Cloud.^[39][40] That month Data Center Dynamics reported that Crusoe would start building permanent data centers for AI customers.^[33]

What is the Abilene Stargate project? (2024 to 2025)

In July 2024 The Information reported, as relayed by Data Center Dynamics, that Oracle was close to an agreement to lease a data center that Crusoe would build and operate in Abilene, Texas. Oracle was to install GPUs there and rent the servers to Microsoft for OpenAI's use.^[38] On July 18, 2024 Crusoe announced a 200-megawatt AI data center at the Lancium Clean Campus outside Abilene, with plans to scale to 1.2 gigawatts of power capacity. Lancium, the campus developer, was responsible for land acquisition, the power interconnection, site engineering and power orchestration.^[41] Construction had started in June 2024.^[5]

On October 15, 2024 Crusoe, Blue Owl Capital and Primary Digital Infrastructure formed a $3.4 billion joint venture to fund the first phase: two buildings with 206 megawatts of capacity and about 998,000 square feet, fully leased on a long-term basis to a tenant described only as a "Fortune 100 hyperscaler." Crusoe was to design, build and operate the buildings, and funds managed by Blue Owl, together with Primary Digital, provided what the partners called a fully funded forward takeout.^[42] JPMorgan Chase lent $2.3 billion for the first phase in January 2025, and Bloomberg reported that the development was 100% leased to Oracle.^[43]

The Abilene site became the first campus of the Stargate Project, announced at the White House on January 21, 2025 by President Donald Trump, OpenAI CEO Sam Altman, Oracle co-founder Larry Ellison and SoftBank CEO Masayoshi Son. OpenAI described Stargate as a new company that intended to invest $500 billion over four years in AI infrastructure for OpenAI in the United States, starting with $100 billion. SoftBank, OpenAI, Oracle and MGX were the initial equity funders, with SoftBank holding financial responsibility and OpenAI operational responsibility, and Arm, Microsoft, NVIDIA, Oracle and OpenAI were named as the initial technology partners.^[44][45] Ellison said at the event that the group's first data center project, about 1 million square feet, was already under construction in Texas.^[46] In the arrangement that followed, Crusoe and its joint venture partners developed and financed the buildings, Oracle leased them and ran Oracle Cloud Infrastructure there, and OpenAI used the capacity; the Financial Times reported in May 2025 that the Stargate company itself had not invested in the site.^[5][47]

On March 18, 2025 Crusoe said construction had begun on six more buildings, which would bring the campus to eight buildings, about 4 million square feet and 1.2 gigawatts of power capacity, with completion expected in mid-2026.^[48][49] On May 21, 2025 the three partners announced the second phase of what had become a $15 billion joint venture.^[50] The next day a consortium led by J.P. Morgan provided a $7.1 billion construction loan for the expansion, arranged by Newmark, and RCR Wireless News reported that Crusoe and its partners had secured $11.6 billion for it.^[51][52] The Financial Times reported that JPMorgan had provided most of the debt through two loans totaling $9.6 billion, that Crusoe and Blue Owl had invested about $5 billion in cash, that Oracle had agreed to lease the site for 15 years, and that Oracle planned to spend about $40 billion on roughly 400,000 NVIDIA GB200 chips for it.^[53]

Oracle began delivering the first NVIDIA GB200 racks in June 2025. On September 30, 2025 Crusoe said the first phase was live on Oracle Cloud Infrastructure and running early training and inference workloads, about a year after construction began.^[5][54] The eighth and final building was topped out on November 18, 2025.^[55] In December 2025 the campus won "North American Data Center Project of the Year" at the Data Center Dynamics Global Awards.^[56]

Series D (December 2024)

On December 12, 2024 Crusoe closed a $600 million Series D led by Founders Fund at a $2.8 billion valuation, with Fidelity, Long Journey Ventures, Mubadala, NVIDIA, Ribbit Capital and Valor Equity Partners participating.^[57][58] The company said it would invest across its value chain, including its data centers and Crusoe Cloud. It reported more than 15 gigawatts of capacity in development, operations in nine states and three countries, and more than sevenfold growth in its customer count over the previous 12 months.^[57]

When did Crusoe sell its bitcoin mining business? (2025)

On March 25, 2025 Crusoe agreed to sell its bitcoin mining operation, including the DFM business, to NYDIG, a bitcoin, power and financial services firm within Stone Ridge Holdings Group. The sale covered more than 425 modular data centers in seven states (Colorado, North Dakota, Montana, Wyoming, New Mexico, Utah and Texas) and Argentina, and about 135 Crusoe employees were to join NYDIG, with no roles eliminated. Terms were not disclosed.^[4][20] Crusoe put its total DFM deployments at more than 250 megawatts, and Cointelegraph described the business as about 270 megawatts of power generation technology.^[4][59] CNBC reported that Crusoe would become a major equity holder in the combined business, second only to NYDIG's parent Stone Ridge, and that the operation accounted for roughly 1% of global bitcoin mining, according to Crusoe.^[20][60]

The sale was meant to take Crusoe out of bitcoin mining altogether. Cavness, then president and chief operating officer, told CNBC that the AI business had become the majority of the company's revenue.^[59] "Ultimately, we decided our businesses were better together than separate," Lochmiller said of the deal.^[20] By the time of its Series E later that year, Crusoe was describing itself as "the AI factory company."^[8]

What was Crusoe's Series E round? (2025)

On October 24, 2025 Crusoe announced the initial closing of a $1.375 billion Series E co-led by Valor Equity Partners and Mubadala Capital, valuing the company at more than $10 billion.^[8][61] Participants included NVIDIA, Founders Fund, Fidelity Management & Research Company, T. Rowe Price, Tiger Global Management, Salesforce Ventures, Spark Capital, Altimeter Capital, Franklin Templeton, Atreides Management, 1789 Capital, Supermicro, StepStone Group, Ribbit Capital, Lowercarbon Capital, MCJ, Radical Ventures, 137 Ventures, Upper90 and Winklevoss Capital, among others, and funds managed by Blue Owl were expected to join in a later closing.^[8] The company said Crusoe Cloud bookings in the first three quarters of 2025 were five times those of a year earlier, and that its power pipeline had grown more than fourfold to over 45 gigawatts. It cited its Abilene campus and a recently announced 1.8-gigawatt campus in Wyoming among multiple gigawatt-scale projects.^[8]

Crusoe does not publish financial statements, and outside estimates differ. Contrary Research put the company's projected 2025 revenue at about $998 million, a 262% increase on 2024, while Sacra estimated 2024 revenue at about $276 million.^[1][62]

Other developments in 2025

Crusoe opened a European headquarters in Dublin in February 2025.^[63] During the year it raised more debt for its cloud and data center growth, including a $225 million credit facility from Upper90 for NVIDIA GPUs in March,^[64] a $750 million facility from Brookfield Asset Management's infrastructure debt business in June,^[65] and a $175 million facility from Victory Park Capital, announced in August together with an expansion of its Iceland capacity.^[37] In June it announced a collaboration with AMD, and Lochmiller told Reuters that Crusoe planned to buy about $400 million of AMD chips, roughly 13,000 Instinct MI355X accelerators, for a U.S. data center.^[66][67] In August it acquired Atero, an Israeli startup founded in 2024 that develops GPU management and memory optimization software for AI workloads, and opened its first Middle East office in Tel Aviv.^[68] In October it agreed to run Crusoe Cloud on a satellite operated by Starcloud, and in November it launched Crusoe Managed Inference.^[69][70] TIME named Lochmiller to its 2025 TIME100 AI list.^[71]

Abilene setbacks and new campuses (2026)

In early March 2026 Bloomberg reported that Oracle and OpenAI had dropped plans to expand the Abilene campus from its committed 1.2 gigawatts toward 2 gigawatts. Financing talks had dragged on, and a multi-day outage earlier that winter, when cold weather affected some of the campus's liquid-cooling equipment, was reported to have strained relations between OpenAI and Crusoe.^[72][73] NVIDIA was reported to have paid Crusoe a $150 million deposit to hold the space while it tried to bring in Meta as the tenant, but on March 24 Bloomberg reported that Microsoft had agreed to lease about 700 megawatts at the site instead.^[72][74] Three days later Crusoe announced a separate 900-megawatt AI factory campus at Abilene to support Microsoft, bringing the projected capacity of the whole Abilene site to 2.1 gigawatts.^[6] The episode is described in more detail in the section on Crusoe's role in Stargate below.

The rest of 2026 brought both new sites and retreats. In June Crusoe paused its work on Project Jade, its planned 1.8-gigawatt campus near Cheyenne, Wyoming, "at the request of our customer."^[75] In July it announced a 1-gigawatt campus with Lancium in Childress, Texas, and in September it disclosed that it was the developer of a Google data center campus under construction in Armstrong County, Texas.^[76][77] It leased data center space in Israel,^[78][79] signed agreements for gas engines,^[80] iron-air batteries,^[81] nuclear reactors^[82] and grid-stabilizing uninterruptible power systems,^[83] announced a factory for Crusoe Spark modules in Colorado,^[84] and opened a second plant in Tulsa, Oklahoma.^[85] Its contracted capacity reached 4.9 gigawatts in June and more than 6 gigawatts by September.^[7][86] On September 10, 2026 Oracle said six of the eight original Abilene buildings, representing 618 megawatts and 75% of the campus's capacity, had been delivered to the customer, and that OpenAI's recently released GPT-6 Astra model had been trained there.^[87]

Series F and IPO preparations (2026)

Axios reported in March 2026 that Crusoe was raising a pre-IPO round at a valuation of $30 billion to $40 billion and that the company was widely expected to go public that year.^[88] In July Bloomberg reported that it was in talks to raise about $3 billion at a valuation of around $30 billion, citing contracts for nearly 5 gigawatts of capacity and a development pipeline of more than 40 gigawatts.^[89] In August Axios reported IPO talks with at least four banks (Bank of America, Goldman Sachs, Morgan Stanley and JPMorgan), though a formal selection process had not begun.^[11] In early September it reported that Crusoe had raised about $3.9 billion at a $27 billion pre-money valuation.^[90]

On September 17, 2026 Crusoe announced the initial closing of the anticipated $3.9 billion Series F at a $30.9 billion post-money valuation, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners. Other participants included Founders Fund, GIC, NVIDIA, the Qatar Investment Authority, Radical Ventures, TPG, ARK Invest, Baillie Gifford, Fidelity Management & Research Company, Polychain Capital, Robinhood Ventures Fund I, Salesforce Ventures, SemiAnalysis Capital, T. Rowe Price, Tiger Global and Upper90.^[7] The company said the money would expand its own AI factories, from large campuses to Crusoe Spark units, and its cloud business. It reported more than $140 billion in total contracted value, year-to-date Crusoe Cloud bookings more than 20 times those of a year earlier, more than $100 million in contracted annual recurring revenue for Crusoe Managed Inference, and new offices in Bellevue, Washington and New York City.^[7] The same day it added Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure chief investment officer and former Digital Realty CEO Bill Stein, and Redwood Materials founder JB Straubel to its board.^[91]

Earlier in 2026 Crusoe had taken on new chip-backed debt. In February The Information reported that Goldman Sachs had lent Crusoe $300 million to buy AMD AI chips for a data center campus in Springfield, Ohio, with the chips and related equipment as collateral, and that AMD had agreed to rent the chips back if Crusoe could not find customers for them. The backstop reportedly let Crusoe borrow at an interest rate of about 6%, and the deal was described as the first in which AMD chips had been used as loan collateral, resembling NVIDIA's financing arrangements with data center operators.^[92][93] Reuters, citing the same report, said the Ohio site was being built by 5C, a Canadian developer backed by Brookfield.^[94]

In October 2026 Crusoe pledged $50 million in compute credits over three years to the Genesis Mission, the White House's program for using AI in scientific research, covering researchers at more than 15 federal agencies.^[95]

Who founded Crusoe?

Chase Lochmiller (CEO)

Chase Lochmiller holds undergraduate degrees in mathematics and physics from MIT and a master's degree in computer science from Stanford, where he specialized in artificial intelligence. Before Crusoe he was a quantitative researcher and trader at GETCO and Jump Trading, two Chicago-based high-frequency trading firms, where he built and ran portfolios of algorithmic trading strategies, and then a general partner at Polychain Capital, a fund that invests in digital assets and blockchain technology.^[96] He has climbed five of the "seven summits," including Everest.^[96]

Lochmiller has led Crusoe as CEO since its founding and chairs its board.^[14] He has argued that progress in AI is limited by bottlenecks in energy and compute, and Bain Capital Ventures, an early investor, described Crusoe's founding bet as one that compute and electricity, not chips, would define the AI era.^[8][15] When the Abilene campus went live he said, "One of the defining challenges of our generation is to energize AI infrastructure at the scale needed to power the ambitions of our world's greatest innovators."^[5]

Cully Cavness (President)

Charles "Cully" Cavness graduated from Middlebury College in 2010 with a degree in geology and won a Thomas J. Watson Fellowship to study the geothermal energy industry abroad, in countries including Iceland.^[97][98] He also holds an MBA from the University of Oxford.^[98] Before co-founding Crusoe he held leadership and management roles in upstream oil and gas and in geothermal energy, and worked in energy investment banking.^[98]

Cavness served as Crusoe's president and chief operating officer. In February 2021 he testified before the North Dakota Senate Energy and Natural Resources Committee in support of Senate Bill 2328, a measure meant to help oil producers adopt remote gas-capture technology in the Bakken.^[99] In December 2025, when Crusoe hired Michael Gordon as chief operating officer and chief financial officer, Cavness became president and chief strategy officer.^[100]

Executives and board

Michael Gordon joined Crusoe after nearly a decade as chief operating officer and chief financial officer of MongoDB, where he helped lead the company's IPO; Matthew DeNezza, Crusoe's CFO for the previous five years, moved to an advisory role.^[100] As of October 2026 the company's senior executives were:^[14]

After its September 2026 additions, the board consisted of Lochmiller as chairman, Cavness, Enrique Salem of Bain Capital Ventures, Vivek Pattipati of Valor Equity Partners, Nael Karim Kassar of KCK, Thomas Seifert, who chairs the audit committee, Bill Stein and JB Straubel.^[91]

Funding history

Sources for the table: SEC filings, company announcements and press reports.^{[2][7][8][13][17][26][32][57][101]}

Crusoe has also borrowed heavily, both at the company level and, for Abilene, through its joint venture with Blue Owl and Primary Digital Infrastructure. The Abilene construction loans were made to the joint venture rather than to Crusoe itself.^[43][51] Lochmiller said the Brookfield facility would pay for data centers, NVIDIA chips and electrical and power generation equipment.^[10]

Crusoe Cloud platform

Crusoe Cloud is the company's GPU rental service. It sells on-demand and spot capacity at published hourly rates and reserved capacity under custom contracts, which the company says carry its deepest discounts.^[102] The platform supports NVIDIA and AMD accelerators, from single GPUs to large multi-node clusters connected by InfiniBand networking.^[36][103] Its first large AI catalog was built on HPE Cray XD systems with H100 GPUs.^[34][104] It later added NVIDIA H200 HGX instances aimed at large-context generative AI training and inference,^[105] AMD Instinct MI300X and MI355X accelerators,^[66][102] and NVIDIA Blackwell systems, including GB200 NVL72 instances in Iceland.^[37] In 2026 Crusoe agreed to host Perplexity's frontier model training on dedicated NVIDIA GB300 NVL72 clusters and to serve Thinking Machines Lab from a dedicated NVIDIA B200 cluster, and it said it would deploy NVIDIA Vera Rubin NVL72 systems and Vera CPUs from late 2026 through 2027.^{[103][106][107]}

Available hardware and list prices

Crusoe publishes per-GPU-hour prices for part of its catalog and asks customers to contact sales for its newest systems. The following on-demand and spot prices, in U.S. dollars per GPU-hour, appear in archived captures of its pricing page; they are dated observations, not current quotes.^[102][108]

The A100 80 GB SXM was listed at $1.95 as early as May 2024, and the H100 at $3.90 and the H200 at $4.29 as early as May 2025.^[109][110] The A100 rose to $2.30 by June 2026, while the H100 and H200 prices were unchanged through August 2026. In the August 2026 capture every spot price read "Contact sales," and the A100 40 GB and A40 were no longer listed.^[108][111] Other list prices were unchanged between the two 2026 captures: managed Kubernetes clusters at $0.10 per cluster-hour, general-purpose CPU instances at $0.04 per vCPU-hour, persistent disks at $0.08 per GiB-month and shared disks at $0.07; by August the page also listed object storage at $0.06 per GiB-month.^[102][108]

Crusoe also sells inference by the token. These per-million-token list prices for its managed (serverless) inference service come from the same captures:^[102][108]

By August 2026 Crusoe also listed serverless fine-tuning from $0.40 per million tokens for models under 16 billion parameters to $20.00 per million tokens for models above 300 billion, and self-serve dedicated inference endpoints at $5.50 per hour on an H100 and $6.00 per hour on an H200.^[108][112]

Platform features

Crusoe Cloud runs customer workloads in virtual machines rather than on bare metal, including on GB200 NVL72 systems, a design choice that SemiAnalysis criticized in its November 2025 rating.^[113] It offers managed Kubernetes, persistent and shared disks, object storage and CPU instances.^[108] According to its pricing page, GPU and CPU instances are billed by the minute, there are no upfront setup fees for on-demand instances, and Crusoe does not charge for network ingress or egress, either within a virtual private cloud or to and from the public internet.^[102] Crusoe Cloud received a SOC 2 Type II attestation in July 2024, and the company received ISO 27001 and ISO 42001 certifications in February 2026.^[40][114] The same month it launched Command Center, an operations platform for high-performance AI workloads.^[115]

Crusoe Managed Inference, launched in November 2025 and offered through the Crusoe Intelligence Foundry, serves open models such as Kimi K2, Llama 3.3 70B, GPT-OSS 120B, Qwen3 and DeepSeek V3 and R1. It runs on a proprietary inference engine with MemoryAlloy, a cluster-wide KV cache that lets GPUs fetch prefix caches from local and remote nodes instead of recomputing them. Crusoe claimed up to 9.9 times faster time to first token and up to five times the throughput of vLLM on Llama 3.3 70B for workloads with frequent prefix reuse.^[70] In July 2026 it added serverless fine-tuning and self-serve inference deployments.^[112] The August 2025 acquisition of Atero brought in GPU memory management technology aimed at inference workloads.^[68]

Crusoe Edge Zones, introduced in March 2026, place dedicated Crusoe Spark units in chosen locations for low-latency inference, dedicated enterprise clusters and sovereign AI deployments; Crusoe says it can stand up a new cloud zone in as little as three months.^[116] Under its October 2025 agreement with Starcloud, Crusoe plans to run its cloud platform on a Starcloud satellite scheduled to launch in late 2026 and to offer limited GPU capacity from space by early 2027.^[69]

How do independent reviewers rate Crusoe Cloud?

In March 2025 Crusoe Cloud was rated "Gold" in the first edition of SemiAnalysis's ClusterMAX GPU cloud rating system, a tier it shared with Nebius, Oracle, Azure, Together AI and LeptonAI, while CoreWeave was the only provider in the top "Platinum" tier.^[117] According to Crusoe, the report singled out its console interface for ease of use and its automated fault management, which identified and fixed issues proactively.^[118]

Crusoe kept its Gold rating in ClusterMAX 2.0 in November 2025, alongside Nebius, Oracle, Azure and the new entrant FluidStack. SemiAnalysis said clusters were simple to start through the Crusoe command-line tool and that the company was securing large amounts of power and data center real estate. It criticized Crusoe's insistence on building all of its infrastructure, including GB200 NVL72 systems, on virtual machines, said its new Slurm-on-Kubernetes service was not usable out of the box, and warned that Crusoe was at risk of being downgraded to Silver.^[113]

In ClusterMAX 3.0, published on September 23, 2026, Crusoe dropped to Bronze, landing "towards the bottom" of that category. SemiAnalysis cited reliability problems and poor software hygiene, saying Crusoe had the oldest Linux kernel and the oldest GPU drivers among the clouds it tested. CoreWeave and Nebius were rated Platinum, and Google Cloud and Oracle Gold.^[119] SemiAnalysis Capital had been among the investors named in Crusoe's Series F announcement the previous week.^[7]

Customers and partnerships

Codeium, the developer of the Windsurf code editor, reported 99.98% uptime on its NVIDIA H100 cluster on Crusoe Cloud, according to Crusoe's December 2024 funding announcement.^[57] Early Managed Inference customers included Wonderful.ai, Yutori and Oaklet, and the Series F announcement named Cognition, Figure and Perplexity among the company's customers.^[7][70] In September 2026 Perplexity signed a multi-year agreement to run its full model lifecycle on Crusoe Cloud, training frontier models on dedicated GB300 NVL72 clusters and serving them through Managed Inference.^[106] The same month Thinking Machines Lab agreed to a $65 million-a-year contract under which Crusoe serves inference for the lab's open models, including its Inkling models and GLM 5.2 and 5.3, on a dedicated cluster of NVIDIA HGX B200 systems.^[103]

Where does Crusoe Cloud operate?

As of October 2026 Crusoe's cloud documentation listed seven availability zones:^[120]

The Abilene campuses do not appear in this list; their capacity is leased to Oracle and Microsoft.^[6][120]

Data center locations

Abilene, Texas (Stargate campus)

The Abilene campus is Crusoe's largest operating site and the flagship of the Stargate Project. It sits on Lancium's Clean Campus in Taylor County, which broke ground in late 2022.^[43] Power drove the choice of site: the campus has a 1.2-gigawatt grid interconnection, plans for behind-the-meter battery storage and solar generation, access to nearby wind resources, and on-site natural gas turbines for backup power.^[48][49] Crusoe said the availability of low-cost wind energy weighed heavily in the site selection.^[50] Lancium's substation there initially offered 100 megawatts, with approval to scale to 1 gigawatt.^[15]

The buildings use direct-to-chip liquid cooling through closed-loop systems that Crusoe describes as zero-water evaporation, and they can also be air cooled.^[5][48] Crusoe's descriptions of each building's capacity have changed over time. In July 2024 it said each building could run up to 100,000 GPUs on a single integrated network fabric; in 2025 it said each would "operate up to 50,000 NVIDIA GB200 NVL72s on a single integrated network fabric."^[41][50] At completion, it says, the eight buildings will support hundreds of thousands of GPUs on one network fabric.^[5]

About 2,000 people worked on the site daily in March 2025^[48] and about 3,000 by May 2025, with the workforce expected to approach 5,000 during the second phase;^[50] Lochmiller later put the daily figure at about 5,000.^[15] The Development Corporation of Abilene estimated the direct and indirect economic impact of the first two buildings at about $1 billion over 20 years.^[50] Crusoe's Tulsa factories supplied more than 2,500 switchboards to the campus.^[85]

Completion slipped. Crusoe originally expected the six second-phase buildings to be finished in mid-2026; by March 2026 it was targeting the end of 2026.^[6][48] On September 10, 2026 Oracle chief executive Clay Magouyrk said six of the eight buildings, representing 618 megawatts and 75% of total capacity, had been delivered to the customer, and that "the recently released GPT-6 Astra was trained at our site in Abilene."^[87] Crusoe's Series F announcement also said OpenAI had trained Astra at the campus.^[7]

Abilene second campus (Microsoft)

Crusoe's second Abilene campus, announced on March 27, 2026, consists of two buildings, each designed for 336 megawatts of critical IT load, and a 900-megawatt on-site power plant paired with a medium-voltage battery energy storage system. The first building is expected to be energized in mid-2027.^[6] Crusoe had broken ground by June 2026.^[86] The campus took the place of the expansion that Oracle and OpenAI declined, after talks in which Meta had also been mentioned as a possible tenant.^[74][125]

Armstrong County, Texas (Google)

On September 28, 2026 Crusoe said it was the developer of Google's data center campus under construction in Armstrong County, outside Amarillo. The campus has a direct connection to Serena's adjacent Goodnight 1 wind farm (265.5 MW), which is operating, and to Goodnight 2 (265.5 MW), which was under construction. Construction began in June 2025, and Crusoe said more than 5,500 skilled workers were on site each day.^[77] The company did not disclose the campus's capacity.

Childress, Texas

Crusoe and Lancium announced a 1-gigawatt, grid-connected AI data center campus in Childress, Texas, on July 15, 2026, on 270 acres owned by Lancium. It is being built for an unnamed "leading hyperscale technology company." Lancium is securing the power interconnection and managing energy, energy storage is planned to support grid reliability, and construction was expected to begin in the third quarter of 2026.^[76]

Wyoming (Project Jade)

In July 2025 Crusoe and Tallgrass, a Blackstone-backed energy company, announced plans for an AI data center campus south of Cheyenne in Laramie County, Wyoming, starting at 1.8 gigawatts and designed to scale to 10 gigawatts, with dedicated power from natural gas and renewable sources. Crusoe did not name a tenant.^[126][127] Laramie County commissioners unanimously approved the data center, known as Project Jade, on January 5, 2026, together with Tallgrass's adjacent BFC Power and Cheyenne Power Hub, which includes 2.7 gigawatts of natural gas-fired generation.^[127][128] Tallgrass put the energy infrastructure at about $7 billion, and the total project cost was reported as potentially reaching $50 billion. The first phase was to run on natural gas, with a possible future pathway to carbon dioxide sequestration, and the first buildings were expected to be finished in 2027.^[127][129] Some residents raised concerns about water use and the loss of farmland; Crusoe said the campus would use a closed-loop cooling system.^[127]

In June 2026 Crusoe said it had paused its development activities on Project Jade "at the request of our customer," without naming the customer.^[75] Tallgrass said work on the project and its power plant had continued after Crusoe's exit.^[130]

Alberta, Canada (Kalina)

In February 2025 Crusoe signed a multi-year framework agreement with Kalina Distributed Power to develop AI data centers in Alberta, each co-located with a 170-megawatt natural gas power plant using carbon capture and sequestration.^[121] Crusoe would develop, own and operate the data centers and buy power from three Kalina plants under power purchase agreements with a minimum term of 15 years, at sites including the Myers, Alsike and Crossfield energy parks; each project requires its own development agreement.^[121][131]

Iceland and Norway

Crusoe's first European capacity was at atNorth's ICE02 data center in Iceland, where it began placing GPUs in December 2023.^[37][38] In August 2025 it expanded there with NVIDIA DGX GB200 NVL72 instances and other Blackwell GPUs using direct liquid-to-chip cooling, at a site powered entirely by geothermal and hydroelectric energy.^[37] In June 2025 it announced its first data center in Norway, in partnership with Polar, starting at 12 megawatts and expandable to 52 megawatts on hydroelectric power; the Norway zone appeared in Crusoe's cloud documentation by October 2026.^[120][123] The company's European headquarters is in Dublin.^[63]

Israel

Crusoe opened its first Middle East office, in Tel Aviv, after acquiring Atero in 2025.^[68] In April 2026 Globes reported that Crusoe had leased about 40 megawatts in a data center that Anan Group is building in Afula, and that it planned to buy about 12,000 NVIDIA processors for the space. Globes estimated Crusoe's total spending on the facility, including at least $1.75 billion for processors plus annual rent and electricity, at up to $3 billion over a decade, and said the deal valued Anan at about NIS 3 billion; the parties declined to comment on the figures.^[78] In June 2026 Globes reported that Crusoe had expanded the Anan lease by another 40 megawatts and agreed to lease about 67.6 megawatts from MegaDC at sites in the Negev and Haifa, which would give it about 150 megawatts in Israel within two years and a planned total investment of about $10 billion over 10 to 15 years.^[79]

Port of Victoria, Texas

In October 2025 Blue Energy and Crusoe agreed to develop a nuclear-powered AI data center project at the Port of Victoria, Texas, on a 1,600-acre Crusoe campus in Calhoun County. Blue Energy plans a power plant of up to 1.5 gigawatts that would start on natural gas as early as 2028 and convert to nuclear generation by 2031, using a design that does not depend on a particular reactor type.^[122]

Other sites

Crusoe Cloud also has zones in Houston, Virginia and Ohio.^[120] Separately, the AMD chips financed by the 2026 Goldman Sachs loan were for a campus in Springfield, Ohio.^[92] In Sparks, Nevada, Crusoe runs Spark units on the campus of Redwood Materials, powered by a 12-megawatt, 63-megawatt-hour microgrid of second-life electric vehicle batteries and solar panels. In March 2026, after the first deployment reached 99.2% uptime, the partners agreed to grow the site from 4 to 24 Spark units and to about 20 megawatts, nearly seven times the original compute capacity.^[124][132] Crusoe has said that one of its contracted hyperscale campuses is in Missouri, without giving details.^[86]

Crusoe Industries

Crusoe Industries is the company's in-house manufacturing and engineering division, built on the 2022 acquisition of Easter-Owens Electric.^[1][30] It has operated facilities in Arvada, Colorado, near Denver; Tulsa, Oklahoma; and Ponchatoula, Louisiana.^[1] It makes components for Crusoe's own data centers and for outside customers, including medium-voltage switchgear, low-voltage switchboards, electrical enclosures, industrial controls, power distribution equipment and custom copper busbar.^[1][85] Lochmiller has said outside suppliers quoted lead times of up to 100 weeks for low-voltage switchgear, and that making it in house cut the lead time to about 22 weeks, which lets Crusoe commission data centers faster than companies that depend on outside vendors.^[1]

In August 2024 Crusoe announced a $10 million investment in a 120,000-square-foot facility in Tulsa that was expected to create 100 jobs.^[1] In September 2026 it opened a second Tulsa plant of 400,000 square feet, bringing its national manufacturing footprint to about 1 million square feet. It said it had hired more than 300 local craft workers across the two Tulsa sites.^[85]

The division also builds Crusoe Spark, a prefabricated modular AI data center launched in June 2025. Each unit combines power, cooling, remote monitoring, fire suppression and GPU-ready racks, can be delivered in as little as three months, and is aimed at on-premises AI, edge AI inference and capacity expansion; Crusoe said at launch that it had deployed more than 400 modular units worldwide.^[133] In March 2026 it announced the Crusoe Spark Factory, a leased 352,000-square-foot plant in Brighton, Colorado. Crusoe described the factory and an initial fleet of Spark units as more than $200 million of investment, expected to create more than 200 local jobs, with the first factory-built modules due in the third quarter of 2026.^[84]

What is Crusoe's role in the Stargate project?

The Stargate Project is a venture announced in January 2025 by OpenAI, Oracle, SoftBank and MGX to build AI data center infrastructure in the United States, with a stated plan to invest up to $500 billion over four years. Crusoe's Abilene campus was the first Stargate site to go live.^[5][44]

Crusoe's role at Abilene is that of developer and operator. Oracle holds the long-term lease and provides compute to OpenAI. At the opening, Oracle Cloud Infrastructure executive vice president Mahesh Thiagarajan said Crusoe had "become a trusted partner of Oracle."^[5] The relationship came under strain in early 2026. A multi-day outage caused by winter weather, which affected some of the campus's liquid-cooling equipment, reportedly damaged relations between OpenAI and Crusoe.^[72]

On March 6, 2026 Bloomberg reported that Oracle and OpenAI would not go ahead with a planned expansion lease that would have taken the site toward 2 gigawatts. The reports cited stalled financing negotiations and OpenAI's shifting demand forecasts, and The Information reported that power for the expansion would not be ready for about a year, by which time OpenAI would rather deploy NVIDIA Vera Rubin chips at a newer campus.^[72] OpenAI's Sachin Katti said the company had "considered expanding it further, but ultimately chose to put that additional capacity in other locations."^[72] Oracle called the coverage "false and incorrect," said that it and Crusoe were "operating in lockstep," and later said the flagship site remained on schedule; Bloomberg's reporter maintained that the planned expansion lease had been dropped while the broader 4.5-gigawatt Oracle and OpenAI agreement remained on track.^[73] A purported insider account of the episode that circulated on social media in March 2026 was later reported to be fake.^[73]

NVIDIA then stepped in. It reportedly paid Crusoe a $150 million deposit to secure the expansion space and approached Meta about taking the lease, to keep rival AMD hardware out of a site where its own chips were installed; no deal with Meta was signed.^[72][73] Instead, Bloomberg reported on March 24, 2026 that Microsoft had agreed to lease about 700 megawatts at the site, and on March 27 Crusoe announced the 900-megawatt campus with its own power plant to serve Microsoft.^[6][74][125] Crusoe remained the developer of both Abilene campuses, and by September 2026 Oracle reported that 75% of the original campus's capacity had been handed over.^[87]

Energy strategy and sustainability

Crusoe's energy sources have changed since its founding, but its central claim has stayed the same: that the source and cost of power set data center economics. It describes its approach as "energy-first" and says it originates and manages power directly for its campuses.^[7] In the DFM business Crusoe burned gas that would otherwise have been flared, turning a waste product into electricity for computing; burning methane in an efficient engine has a much smaller climate impact than letting it escape or burning it inefficiently in a flare.^[22]

After the DFM sale, Crusoe's sites draw on a wider mix of sources. The Iceland site runs on geothermal and hydroelectric power, and the Norway site on hydroelectric power.^[37][123] The Abilene campus combines a grid connection in a region with plentiful wind power with planned behind-the-meter batteries and solar, and the Armstrong County campus connects directly to an adjacent wind farm.^[48][77] Crusoe Cloud's U.S. zones in Houston, Virginia and Ohio rely on renewable energy certificates and virtual power purchase agreements, according to the company.^[120]

Natural gas has taken a larger role in Crusoe's plans as its campuses have grown. The Wyoming campus was to run first on natural gas turbines with a possible future pathway to carbon sequestration, and the Alberta plan pairs each data center with a gas plant that captures carbon dioxide.^[121][129] In 2025 Crusoe also disclosed plans for behind-the-meter natural gas generation at multi-gigawatt scale while continuing to emphasize renewable-aligned sites in its public messaging.^[134] Its joint venture with Engine No. 1, announced in March 2025, draws on 4.5 gigawatts of power from seven GE Vernova turbines acquired by Engine No. 1 and Chevron, with plans for post-combustion carbon capture.^[134][135] In July 2025 Crusoe ordered 29 GE Vernova LM2500XPRESS aeroderivative gas turbines expected to provide nearly 1 gigawatt.^[136] The Microsoft campus at Abilene has its own 900-megawatt power plant.^[6]

Climate-focused investors have backed the company from early on: Lowercarbon Capital invested in the Series B, the climate technology fund G2 Venture Partners led the Series C, and Lowercarbon and MCJ took part in the Series E.^[2][8][17]

How does Crusoe compare with other GPU clouds?

Crusoe competes in the market for AI compute with GPU-focused "neocloud" providers, which emerged alongside the AI boom, and with the general-purpose public clouds. Amazon, Microsoft and Google together accounted for about 63% of spending on cloud infrastructure services in the third quarter of 2025, according to Synergy Research Group.^[137] Among the neoclouds, Crusoe has presented itself as an "energy-first," vertically integrated company, contrasting itself with GPU rental providers such as CoreWeave and Lambda by emphasizing that it develops power, designs and builds its own data centers, and manufactures their electrical equipment.^[7][10]

As the company moved from bitcoin to AI workloads, its pitch shifted toward speed of construction and the ability to site capacity where power is available. Crusoe said the first two Abilene buildings were energized within a year of the start of construction, and Oracle's Thiagarajan credited it with "unmatched execution" there.^[5] Bain Capital Ventures recounted that when a 2024 request for proposals sought a 100-megawatt data center, Crusoe proposed a build of about one year, against the roughly 2.5 years quoted by most bidders.^[15] Lochmiller has described the goal as "controlling the infrastructure from electrons to tokens."^[7] That mix of power development, construction, manufacturing and a GPU cloud sets Crusoe apart from neoclouds that lease space in data centers built by others.^[10]

How does Crusoe differ from CoreWeave?

CoreWeave is the largest neocloud and the most direct comparison for Crusoe. It went public in March 2025 and reported 2025 revenue of $5.13 billion, with guidance of $12 billion to $13 billion for 2026.^[138] On architecture, CoreWeave emphasizes bare-metal deployments, while Crusoe runs its cloud on virtual machines.^[113] On business model, CoreWeave is primarily a GPU rental platform with large long-term contracts with Microsoft and OpenAI, and it leases most of its data centers; Crusoe combines GPU rental with developing and building entire campuses for hyperscale tenants and with manufacturing through Crusoe Industries.^[9][10] On energy, CoreWeave sources power from grid connections and does not present energy sourcing as its main differentiator, while Crusoe's brand is built around its energy strategy. CoreWeave held SemiAnalysis's top Platinum rating in all three editions of ClusterMAX; Crusoe moved from Gold to Bronze.^[118][119]

How does Crusoe differ from Lambda?

Lambda is smaller than Crusoe and targets developers and research teams with simpler interfaces. It sells "1-Click Clusters" that simplify multi-node GPU provisioning, and its business has included both cloud rentals and on-premises hardware. Lambda does not have the infrastructure development business or the manufacturing operations that Crusoe has built. On list prices, Lambda charged $2.99 per H100 GPU-hour in mid-2025^[141] and $3.99 by May 2026,^[142] while Crusoe's H100 price stayed at $3.90 over the same period.^[110][111]

How does Crusoe differ from Nebius?

Nebius is a GPU cloud provider that resumed trading on Nasdaq in October 2024 after its predecessor, Yandex N.V., sold its Russian businesses.^[139] Nebius uses ODM hardware and lightweight virtualization similar to Crusoe's virtual-machine approach. It was rated Gold alongside Crusoe in ClusterMAX 2.0 and moved up to Platinum in ClusterMAX 3.0.^[113][119] Nebius has signed a Microsoft agreement valued at $17.4 billion to $19.4 billion and a five-year Meta agreement valued at about $3 billion, and it set a target of $7 billion to $9 billion in annualized run-rate revenue by the end of 2026.^[140] On price it has been more aggressive than Crusoe at the low end: Nebius listed H100s at $2.95 per GPU-hour from May 2025 until at least May 2026,^[143] below Crusoe's $3.90,^[110] before raising its price to $3.85 by August 2026.^[144] Crusoe's differentiation relative to Nebius rests more on its U.S. manufacturing, its energy positioning and its role as a data center developer than on GPU rental alone.

Criticisms and controversies

Crusoe's flare-gas model drew skepticism from environmental advocates. Critics argued that giving oil and gas producers a profitable use for stranded gas could extend the economic life of fossil fuel extraction, that engines in the field do not burn methane perfectly, and that bitcoin mining was a questionable use of the electricity. In 2022 the executive director of 350 Colorado called crypto mining on oil and gas sites "a waste of energy, resources and money," and an Earthworks field advocate said infrared surveys had found flaring at a well pad even while Crusoe units were operating there.^[23] Crusoe and supportive investors replied that the realistic alternative was not an end to extraction but continued flaring with much higher methane slip. Cavness said Crusoe's generators destroyed 99.8% of the methane from wells, compared with 93% for flaring.^[23][27]

The move to AI computing changed the debate without ending it. Crusoe's plans for multi-gigawatt natural gas generation behind the meter drew attention to the carbon intensity of large-scale model training and inference, even as the company expanded renewable-powered sites such as Iceland.^[37][134] In Wyoming, residents near Project Jade raised concerns about water supply, light, dust and the loss of farmland.^[127][129]

Chip-backed financing has also drawn criticism. Coverage of the 2026 AMD-backed loan grouped it with "circular" deals in which chipmakers support buyers of their own chips, and Tom's Hardware wrote that such arrangements let chipmakers point to large chip sales while the startups bear little of the risk.^[92][93]

Crusoe and Upstream Data had been in litigation over patent infringement. In November 2025 the companies agreed to dismiss all pending lawsuits between them and to enter a license agreement on confidential terms.^[145]

Limitations and risks

Several risks are associated with Crusoe's current business model.

GPU rental prices move quickly and not always in one direction. Published H100 list prices at specialist clouds fell from late-2023 levels into 2025 (Nebius, for example, cut its H100 price from $4.85 to $2.95 per GPU-hour)^[143][146] and then rose at several providers in 2026, with Lambda moving from $2.99 to $3.99^[141][142] and Nebius to $3.85.^[144] Crusoe kept its H100 list price at $3.90 from May 2025 through August 2026 while raising its A100 price.^[108][110] A renewed fall in rental rates would squeeze margins on Crusoe Cloud's on-demand business.

The company carries significant debt obligations. The Abilene campus alone involved billions of dollars in construction financing, and its other campuses will require similar outlays. Contrary Research projected that Crusoe's annual interest expense would approach $300 million by the end of 2025, so revenue growth needs to outpace the cost of servicing that debt.^[1]

Dependence on a small number of large customers creates concentration risk. Much of Crusoe's contracted capacity is tied to a few hyperscale tenants, including Oracle (for OpenAI) and Microsoft at Abilene and Google in Armstrong County.^[77][86] The 2026 decision by Oracle and OpenAI not to expand at Abilene, and the pause of the Wyoming campus at a customer's request, showed how quickly demand forecasts can shift.^[72][75]

The broader AI infrastructure build-out, part of a wave of AI capital expenditure by large technology companies, carries the general risk of overbuilding. If AI workload growth slows, or if hyperscalers consolidate demand with fewer providers, smaller neoclouds would face pressure on margins.

Operational reliability is a further risk. The early 2026 cooling outage at Abilene reportedly damaged Crusoe's relationship with a key customer, and SemiAnalysis's September 2026 rating cited reliability problems in Crusoe Cloud.^[72][119]

Finally, Crusoe remains a private company. Its valuation rose from $2.8 billion in December 2024 to $30.9 billion in September 2026, and it has held IPO talks with banks, but investors had not had a liquidity event through a public listing as of October 2026.^[7][11][57]

See also

• Stargate Project
• Abilene data center (Stargate)
• Neocloud
• CoreWeave
• Lambda Labs
• Nebius
• FluidStack
• Oracle Corporation
• OpenAI
• Microsoft
• SoftBank Group
• NVIDIA
• NVIDIA H100
• NVIDIA H200
• NVIDIA GB200 NVL72
• NVIDIA GB300 NVL72
• AMD Instinct MI300X
• AMD Instinct MI355X
• Cloud AI GPU pricing comparison
• List of AI compute deals
• NVIDIA AI compute financing platforms
• AI energy consumption
• Space-based data centers
• AI infrastructure
• AI datacenter
• Data center
• Cloud computing
• GPU computing
• Generative AI
• Bitcoin mining

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